Crypto trader turns $80K into $1.2 million
Crypto trader turns $80K into $1.2 million 
Cryptocurrency Sep 12, 2024 Share
With meme coins historically carrying the reputation of high volatility, a good trading strategy like early investing can translate into significant returns, especially if investors master the ideal timing of taking profits.
For instance, this trend is visible in the returns of a trader who initially turned an investment of about $80,000 into a whopping $1.2 million.
Details of the trade, shared by blockchain analysis platform Arkham in an X post on September 11, indicated that the unidentified trader purchased $80,000 worth of Aura (AURA) tokens shortly after its launch on the Solana (SOL) network in late June 2024.
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Based on the returns, the early investment turned out to be a masterstroke, as the AURA meme coin surged in value. At its peak, the trader’s holdings reached $1.22 million when AURA briefly hit a market cap of over $75 million.
AURA/SOL price chart. Source: Arkham
However, the trader’s success was short-lived as market volatility took over. This led to AURA’s value plummeting, erasing nearly all the gains. The correction saw the investor’s holdings retrace from $1.22 million to $92,000—slightly above the initial investment of $80,000.
Crypto trader’s AURA wallet balance. Source: Arkham
It is understandable why the investor might have ventured into AURA early, considering that Solana has witnessed an increased activity of meme coins launched on the platform. Some of the coins, such as BONK, have emerged to become popular, currently 57th in market capitalization with a value of $1.2 billion.
What is AURA?
AURA, inspired by a viral TikTok trend, was launched as a meme coin with a unique social twist. The token’s main focus is social behavior, allowing holders to transact with AURA to show their approval or disapproval of an opinion.
The token hit the market in late June and has rallied 190%, trading at $0.0095 as of press time. AURA peaked at $0.072 in late July. From its record high, AURA has dropped by about 86%.
AURA all-time price chart. Source: CoinMarketCap
Meme coin trading success stories
Although the trader saw his profits wiped out in a matter of weeks, there remain successful stories around meme coins.
As reported by Finbold, another trader’s bet of $29 on the meme coin MBAPPE turned into $125,000 within three minutes before the token tumbled. Part of the rally emerged after MBAPPE was falsely attributed to French football star Kylian Mbappé.
In summary, the swings in returns from the highlighted meme coin demonstrate the impact of the crypto market’s volatile nature. This extreme volatility means investors must be prepared for both massive gains and significant losses, making careful research and timely profit-taking crucial.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
